JPMorgan CEO Dimon: US Default Will be 'Catastrophe'

JPMorgan Chase & Co. CEO Jamie Dimon says a U.S. default would be catastrophic for the U.S. and the global economy.

Speaking with journalists Thursday morning after releasing second quarter earnings, Dimon said: "No one can tell me with certainty that a U.S. default wouldn't cause catastrophe and wouldn't severely damage the U.S. or global economy."

Dimon's comments come a day after Moody's Investors Service threatened to lower the United States' government's triple-A bond rating because the White House and Congress are running out of time to raise America's $14.3 trillion borrowing limit and avoid a default.

Dimon said it would be irresponsible to take chances and that it was imperative to resolve the debt ceiling issue quickly.

JPMorgan Chase Co. CEO Jamie Dimon says a U.S. default would be catastrophic for the U.S. and the global economy.Speaking with journalists Thursday morning after releasing second quarter earnings, Dimon said: No one can tell me with certainty that a U.S. default wouldn't...